Housing continues to boom as existing-home sales hit 5.5-year high | Bedford Corners Real Estate

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Sales of existing homes rose in May to the fastest pace since late 2009, as first-time buyers stepped up their purchases and more homes on the market encouraged buyers, according to data released Monday.
Sales of existing homes rose 5.1% in May to a seasonally adjusted annual rate of 5.35 million, hitting the fastest pace since November 2009 and rebounding from a drop in April, the National Association of Realtors reported. This year is on track to be the best for home sales since 2007, when the U.S. last entered a recession, NAR said.
Economists polled by MarketWatch had forecast a sales rate of 5.25 million for May, compared with an original estimate of 5.04 million for April. On Monday NAR revised April’s pace to 5.09 million.
“Solid gains were seen throughout the country,” said Lawrence Yun, NAR’s chief economist.
First-time buyers are accounting for a bigger share of the market. In May they were 32% of sales, compared with 30% in April and 27% in May 2014.
Buyers also had more properties to choose from, with May’s inventory of 2.29 million existing homes for sale up 1.8% from a year earlier.
Monday’s report gives markets a look at how buying activity is faring during this year’s hot home-selling season. It’s still down about 26% from a bubble peak.
As the labor market strengthens, more families will be willing and able to buy a home. Young families and other first-time buyers are tip-toeing into the market, a trend that will support the broader economy and other homeowners who want to buy a new place. May’s sales pace for used homes was up 9.2% from a year earlier.
And while mortgage rates are on the rise, they still remain relatively close to a record low hit in 2012. The Federal Reserve lowered its interest-rate forecast for the next two years. Low mortgage rates making it easier for families to afford their monthly payments. Also, there are signs that wage growth is starting to pick up, as Federal Reserve Chairwoman Janet Yellen recently noted.

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http://www.marketwatch.com/story/housing-continues-to-boom-as-existing-home-sales-hit-55-year-high-2015-06-22

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